According to the report titled ‘Global Visual Effects Market Size study, by Component (Software, Hardware, Services ), by Type ( Matte Painting, Simulation FX, Compositing, Motion Capture, 3D Scanning, Character and Creature Animation, Concept Art, Previs/Pre-visualization, Others ), by Application (Movies, Advertisements, TV Shows, Gaming),and Regional Forecasts 2020-2027’, available with Market Study Report, global visual effects market was valued at USD 0.63 billion in 2019 and is projected to reach USD 1.64 billion by the year 2027, growing with a CAGR of 12.7% throughout.
 

Elevating demand of VFX in entertainment & media industry, technological developments, and rising number of video streaming viewers are leading factors responsible for proliferation of global visual effects market.
 

For the unversed, visual effects or VFX refers to special effects which are applied to films or videos to enhance visual experience and attract audiences. It is used in video games, TV shows, commercials, and movies for building realistic world by adding animals, creatures, and artefacts.
 

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Leading companies have resorted to various measures like mergers, acquisitions, launching new products, investments, fundings, partnerships, collaborations etc. to gain a competitive edge, in turn contributing towards worldwide visual effects market expansion. Citing an example, Deluxe Entertainment Services Group Inc announced in July 2018 that they acquired Atomic Fiction, which will enable them to provide customers with top-quality services, expand their VFX sequences, and develop new ventures for advertisements, labels, and episodic.
 

In a similar manner, Adobe Inc. declared their acquisition of Allegorithmic Inc. back in January 2019. This accession permitted the business to develop various games and use latest technology to provide top-quality services by adding Allegorithmic’s technology to Adobe’s innovative cloud software.
 

Contrastingly, high expenditure in the initial stages is projected to hamper global visual effects market outlook over the forthcoming years.  
 

From the regional frame of reference, North America captured majority of global visual effects market share in the recent past, due to growing use of VFX in Hollywood movies.
 

Meanwhile, increasing amount of time spent in streaming digital content, easy availability of multimedia devices and rising internet penetration are key factors responsible for high annual growth rate of Asia Pacific visual effects industry through 2027.
 

3DAR LTDA, FuseFX Inc., Worldwide FX, Zoic Studios, Red Giant Software LLC, RE:Vision Effects Inc., Blackmagic Design Pty Ltd., Video Copilot, Final Image Inc., Animal Logic, and The Foundry Visionmongers Limited are the key contenders influencing global visual effects market dynamics.